Elements of financial statements trivia quiz. There are different types of financial statements created by an accountant to show the standing of a company. Every transaction that a company undertakes should be well recorded in the correct books of entry and according to the accounting standards on them. This quiz offers you the chance to refresh your understanding on recording different transactions. Give it a shot and see how well you do!
Goodwill
Automobiles used by the sales staff
Accounts receivable
Increase in the market value of land held
None of the above
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$165,000
$160,000
$115,000
Cannot be calculated with the info provided
None of the above
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Business organizations
Service companies
Manufacturing companies
Retail companies
None of the above
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$200,000
$165,000
$125,000
Cannot be determined with the info provided
None of the above
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In the operating section of the cash flow statement
In the investing section of the cash flow statement
In the financing section of the cash flow statement
In the income statement
None of the above
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$350,000
$400,000
$600,000
$1,000,000
None of the above
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$150,000
$200,000
$250,000
Cannot be determined with the info provided
None of the above
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Sole proprietorship
Partnership
Corporation
S-corp
None of the above
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The company purchases inventory on account
The company paid for inventory previously purchased on account
The company issued bonds for cash
The company issued new stock for cash
None of the above
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$250,000
$400,000
$450,000
$700,000
None of the above
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The operating section
The financing section
The investing section
Both a and c
None of the above
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$150,000
$200,000
$250,000
Cannot be determined
None of the above
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The operating section
The financing section
The investing section
Both a and b
None of the above
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A financing cash outflow
A financing cash inflow
An investing cash inflow
An investing cash outflow
None of the above
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$100,000
$160,000
$200,000
Cannot be determined with the info provided
None of the above
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Sole proprietorship
Partnership
Corporation
S-corp
None of the above
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Contributed capital
Retained earnings
Non-current assets
Long-term debt
None of the above
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Yes. Cash, $1,000,000
Yes. Salaries Payable, $1,000,000
Yes. Unearned Compensation, $1,000,000
No.
None of the above
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$50,000
$250,000
$300,000
$900,000
None of the above
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The firm will not recognize a liability
Accounts receivable, $300,000
Accounts payable, $300,000
Unearned revenue, $300,000
None of the above
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$200,000
$250,000
$300,000
$350,000
None of the above
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Contributed capital equals $100,000
Retained earnings equal $50,000
Total liabilities and equities equal $400,000
All of the above
None of the above
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The firm will not recognize an asset
Cash $640,000
Marketable securities, $640,000
Investment in securities
None of the above
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No, the future benefits cannot be reliably measured
No, the cost of the asset cannot be reliably measured
Yes, for the amount of expected future benefits which can be reasonable estimated
Yes, for the amount of expenditures already made
None of the above
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Accounts Receivable, $640,000
Supplies, $640,000
Inventory, $640,000
The firm will not recognize as an asset
None of the above
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Yes, Account Receivable, $15,000
Yes, Accounts Payable, $15,000
Yes, Unearned Revenue, $15,000
No.
None of the above
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A current asset in the amount of $5,000
A current asset in amount of $20,000
A current liability in the amount of $5,000
A current liability in the amount of $20,000
None of the above
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The firm will not recognize a liability
Accounts payable, $50,000 (for one month of salary)
Salaries payable, $50,000 (for one month of salary)
Compensation expense, $50,000 (for one month of salary)
None of the above
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$135,000
$115,000
$105,000
Cannot be calculated with the info provided
None of the above
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$95,000
$115,000
$130,000
Cannot be calculated with the info provided
None of the above
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